Nirmala Sitharaman Announces Final Tranche Of Economic Package

Union Finance Minister Nirmala Sitharaman on Sunday Announced Final Tranche of Ecomomic Package of Prme Minister Narendra Modi.

In her Press Conference the finance minister has highlighted Seven Key Sectors including MNAREGA, Medical and Health, Ease of Doing Busines, Decriminalisation of Companies Act, Digitalisation of Education etc.

As per the finance minister, Rs.40,000 crore increase given in allocation for Mahatma Gandhi National Rural employement Guarantee Scheme to provide employement boost.
And it will help to generate 300 crore person days in total. In her press conference the finance minister address the need for more work including returning migrant workers in monsoon as well.

FM also explained the prominance about tech driven education in the country. She Says
the govt will encourage tech-driven education with equity post covid 19. As a part of PM e-vidya govt will give multi-mode access to digital education to be launched immediately.
It will consists of one earmarked television channel per class from 1 to 12th. And another Programme Diksha has been announced for school education in states and union territories, e-content and QR coded text books for all grades. FM Suggests that extensive use of radio, community radio and podcosts also. Apart from that Top 100 universities will be permitted to automatically start online courses by 30 May, 2020. Along with that Manodarpan, an initiative for psychological support of students, teachers and families for mental health and emotional well being to be launched immediately, FM Says

FM Sitharaman also announces a slew of health reforms and initiatives in her press conference. Accordingly, Centre will increase public expenditure on health soon. And Investments in the grassroots levels will be ramped up in urban and rural areas. Apart from that all districts will have infectious diseases hospital blocks soon, and Integrated public health labs will be established in all districts and blocks. Centre will encourage research by national institutional platform for one health by ICMR. And also national digital health mission will be implemented simultaneously.

FM also Announced a New Public Sector Enterprise Policy today. According to this policy, all sectors are open to the private sector while public sector enterprises will play an important role in defined areas. Accordingly, the government will announce a new policy soon. As a part of this policy List of strategic sectors requiring the presence of PSEs in public interest will be notified and In strategic sectors, at-least one enterprises will remain in the public sector but the private sector will also be allowed. In other sectors, PSEs will be privatised to minimize wasteful administrative costs, the number of enterprises in strategic sectors will be between one to four, others will be privatised or merged or brought under holding companies

FM also announces Measures for Ease of Doing Business for Corporates in her press meet. FM Says that Centre’s EDB policy will help companies to directly list their securities in foreign jurisdiction and Private companies which list non-convertible debentures on stock exchange not to be regarded as listed companies. FM also annouced Decriminalization of Companies Act Defaults. Decriminalization of companies act defaults involving minor technical and procedural violations also. And majority of the compoundable offences sections to be shifted to internal adjudication mechanism and powers of RD for compounding enhanced

These Amendments will de-clog the criminal courts and NCLT. Seven compoundable offences altogether dropped and 5 to be dealt with under alternative framework. “Further enhancement of ease of doing business through IBC related measures,” says Finance Minister Nirmala

The minimum threshold to initiate insolvency proceedings has been raised to Rs 1 crore. and special insolvency framework for MSMEs will be notified under Section 240A of the code. and suspension of fresh initiation of insolvency proceedings up to one year depending upon the pandemic situation. Empowering Central govt to exclude Covid-19 related debt from the definition of default under the code, are some of the initiative announced by finance minister today.

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